JP Morgan is set to axe hundreds of workers across its wealth and asset management divisions after a review of its staffing.
Bloomberg reports that the New York City-headquartered investment bank is “laying off wealth management workers” as part of what a spokesman terms a “normal course of business review”.
In the UK, JP Morgan Private Bank provides advice services from several offices in London including Knightsbridge and Canary Wharf.
The spokesman says: “It is normal course of business for us to review our staffing annually to ensure appropriate levels and adjust as necessary.
“We continue to invest in our business and talent, including hiring top advisers in key markets and expanding our product and service offering.”
JP Morgan chose not to provide comment to Money Marketing on the amount of wealth management staff in the UK that the cuts could affect.